Gambling: How to go bankrupt with Betting Exchanges

I love the idea of Betting Exchanges, it gives you that entrepreneurial feeling, like you are wheeling and dealing.... Unfortunately for me I am rubbish at it

My lessons to be learned with Betting Exchanges are not to get involved with things I know little about and you must do your basic homework !

The first time I got involved was a back in April when Betfair sent me a "free" £10 bet (actually had to deposit £10 to get the free bet) At first I bet on Football games, but didn't do any research (and don't follow football normally) so my £20 soon disappeared. It was good fun though so decided to "invest" another £50, but this time I tried to run a book on horse races. This was even more fun, but needed a lot of time to prepare, check form, monitor prices, etc... which I didn't really do properly so although I didn't have huge losses I was seeping money away again. Having dropped about half my funds, I stupidly went back to football games and dropped my remaining funds in a couple of matches...

So I learned my lesson about betting on football matches

So why this post now about Betting Exchanges.... well, Betfair sent me a "free" £5 bet... and also offered to give a separate free £10 bet as well (you can probably see where this is leading :-) ) For a £5 I will be given £20 to bet with, so the offer was too good to miss.

My first bet was to put a book on a horse race, although I got a bit excited and layed/bet on too many horses so ended up with a profit of exactly 0.00 (better than loosing I suppose)

I seem to have a fatal fascination about betting on football matches, so of course I placed a couple of bets on world cup results, both of which lost, so am back to 0.00 in my account balance again.

So I learned my lesson about betting on football matches

My lessons to be learned with Betting Exchanges are not to get involved with things I know little about and you must do your basic homework (and under no circumstances bet on Football)

:-)

Betting Exchanges are good fun so will probably fiddle around with them again, but don't think I will be making a living as a bookmaker any time soon.....